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◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
Don't miss your chance to choose this year's Bond Award winners
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Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
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Commerzbank was almost six times covered at the peak of its book for a €500m additional tier one (AT1) on Tuesday, as the German firm leveraged the small size of the transaction to squeeze pricing. -
De Volksbank issued a green non-preferred senior bond for the second time in four months on Tuesday, paying a small premium to keep investors interested.
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TSB Bank attracted good demand for its Sonia-linked covered bond on Tuesday, pushing out along the curve with a rare seven year that sufficiently differentiates from central bank liquidity. The extraordinarily strong sterling market conditions encouraged Canadian Imperial Bank of Commerce to follow Bank of Nova Scotia and mandate leads for another five year Sonia offering.
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Spanish lender Bankinter paid a visit to the tier two market for the first time in four years on Tuesday, raising €750m of capital while paying next no new issue premium.
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Bank of Cyprus will end a 14 year absence from the senior debt market later this week, as it prepares to issue a preferred senior bond to go towards its minimum requirement for own funds and eligible liabilities (MREL).
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Bayfront Infrastructure Management has sold the world's first public sustainability securitization deal that was part of a rare project finance trade. Its chief executive tells GlobalCapital Asia that this is unlikely to be its last.
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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